Riyadh – United Electronics Company (eXtra) plans to conduct an initial public offering (IPO) for its subsidiary United International Holding Company, according to a bourse disclosure.

The subsidiary owns United Company for Financial Services (Tasheel), which provides non-banking financial services to its clients.

The board members of eXtra approved the transaction in their meeting held on 28 December 2023.

However, the IPO is still subject to the approval of eXtra’s shareholders, the Capital Market Authority (CMA), and the Saudi Exchange (Tadawul).

In the first nine months (9M) of 2023, the listed company logged net profits after Zakat and tax valued at SAR 264.30 million, down 17.09% year-on-year (YoY) from SAR 318.79 million.

Revenues rose by 3.42% to SAR 4.63 billion in the January-September 2023 period from SAR 4.48 billion in 9M-22, while the earnings per share (EPS) plunged to SAR 3.30 from SAR 3.98.

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